PRINCE2 and PMP

PRINCE2 and PMP are similar and well-known management learning courses which are known widely around the globe. Though they have their differences in approach towards achieving their goals but they have the same goal, i.e., to improve project performance and the success rate of the project. But still, people have their doubts whether PRINCE2 or PMP is better business trends

Let’s compare them side by side to give you an idea of which one is more suited for you.

PRINCE2

PRINCE2 is an abbreviation for Project IN Controlled Environments.

About PRINCE2 Certification training course, this is a course that helps an individual to administer project management. The certification gives importance to segregating projects into controllable and manageable levels. It’s the successor of PROMPT II (Project Resource Organization Planning Technique). PRINCE2 was named after it. At the time this is the standard in-effect for any firm or individual to handle project management. PRINCE2 certification is accepted in countries like UK, Australia, and other Western Countries. PRINCE2 by Axelos was once owned by HM Cabinet Office. Focuses on Processes for starting, controlled execution, and closing of projects. PRINCE2 unique concept of “Tailoring Approach” to adapt to project, enables the framework to be highly scalable and flexible content

PMP

PMP(PMI-PMBOK) is administered by PMI, USA. This course is based on knowledge rather than a practical approach. Descriptive framework – explains the knowledge areas, such as risk, time management, etc., in detail with good practices. Mostly focuses on the project manager’s role. As PMP focused on knowledge areas, doesn’t offer such flexibility

Experience or Criteria to enroll in the course

PRINCE2 Foundation: No prerequisite for PRINCE2 Foundation Level

PRINCE2 Practitioner: Foundation level is a prerequisite for Practitioners. No Mandatory relevant work experience required.

PMP has the following prerequisites

Four-year degree and at least 3 years of project experience with 4500 hours of leading a project along with 35 hours of contact hours training from a REP.
or traveler

A secondary degree and at least 5 years of project experience with 7,500 hours of leading a project along with 35 hours of contact hours training in project management from a REP.

Cost for each certification.

The cost of the PRINCE2 for Foundation and Practitioner together along with Training would be between $1200 and $2000Cost of PMP® Exam along with PMI membership is $555/- and Training cost varies between $800 and $1200/-4-5-day intensive classroom training and 40 hours of self-study is required. Usually, candidates can plan good 3 weeks to 30 days for completing PRINCE24 Day intensive training followed by 100 hours of self-study will get you ready for the PMP exam. Usually the table about 45 days

Once every 5 years, the candidate needs to take a re-test (re-registration exam) to renew the PRINCE2 practitioner license. Over a 3-year cycle period, the candidate should earn 60 PDUs (Professional Development Units) to renew the certification. No renewal exam needed. PRINCE2 Training Organization must be licensed under AXELOS as an Accredited Training Organization (ATO). PMP training organizations must be licensed as Registered Education Partner (R.E. P). Trainers must be accredited by AXELOS through an independent competency assessment. Trainer’s competency to deliver training is not assessed

Which one to choose in India

The choice mainly depends on the geographical background belong to or you are looking for to get a job. PMP was created in North America. And is also popular in countries such as Australia, Switzerland, Canada, New Zealand, Germany, UAE, Singapore, India, China, etc. so if you are looking to set up a career in this region you can opt for PMP

PRINCE2 (Project IN Controlled Environment) is a process-based project management methodology that is popular worldwide and is the de-facto standard for project management in the UK and most of Europe. In the Asia Pacific region specifically in India, the popularity of PRINCE2 went up by 86% from 2012-14. This is due to an increase in trade among European and Asian Countries.

Finally, PMBoK and PRINCE2 are not competitors, as you may think, but they complement each other. PMBoK describes how to do with the collection of good practices, techniques and interpersonal skills and PRINCE2® is the well-structured process-based methodology with strong processes, clear definition of all project roles, governance

Which one can get you a better salary?

Any candidate, who enrolls for a professional course or a certification, does so intending to get a higher pay. This is often regarded as one of the vital factors for choosing a certificate course. Now, if one has to compare PMP and Prince2 based on better salary prospects, then PMP surpasses the Prince2 certification. In the United States, a PMP certificate holder gets an average payment of $105,000 per annum, whereas Prince2 quite popular in the UK offers an annual pay of £ 50,000 which if converted to US dollars will figure around $77,500. Moreover, according to a report, the PMP salary is going to hike shortly. A survey has also stated that PMP managers earn more in the primary based industries such as agriculture and mining. The same survey also found that the highest pay scale of a Prince2 Project Manager was around $45,000.

What are the individual perks of each certificate?

Firstly, PMP certifications make you an eligible candidate who can expect a flourishing pay on the completion of the course.

Your professional skills and deep knowledge will help you to undertake as well as manage the projects more efficiently.

By enrolling for PMP, you become a member of PMI. This facilitates you to join a vast global network of professionals. The links prove to quite fruitful specifically, if you are working as a freelance project manager. You can obtain more projects with their contact.

Since PMP certifications are globally recognized, the big giants will give you a preference over others when you have the certificate.

You will not only be given priority in offering the job, but your colleagues and your seniors will give importance to your suggestions and advice while doing a project.

Difference in exam format

The exams are the most crucial and indispensable part of obtaining a PMP or the Prince2 Certification. The basic difference between the two exam formats is that while PMP tests your knowledge of project management, Prince2 will examine the methodologies of project management. You are required to answer about 200 Multiple Choice Questions in four hours when attempting PMP and secure 62 percent marks to qualify the exams. Here questions will be related to planning, implementation, and controlling the project. Apart from these, there will be some other topics as well which are directly associated with project management such as quality, materials, and risk management, etc.

You can now decide which one is more suitable for you and opt for it. At the end, they are sure to get you a good job but it's on you to get better at your work and get adept in your profession